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FOX News
Aug 6, 2013 8:00am PDT
new plans to overhaul america's mortgage system today. he's going to propose shutting down government-backed lenders fannie mae and freddie mac, plus, he wants to boost the number of 30-year mortgages in this market hoping it will make loans more accessible to more people so they can fulfill the american dream. carl cameron has more from washington. so a lot of proposals, carl. we're not sure exactly what will become of them, but what is the president proposing today in. >> reporter: well, he wants to strengthen the housing market by making 30-year mortgages more available, and one of the ways would be to do away with fannie mae and freddie mac and institute more capital into mortgage lending. shaun donovan is the president's hud secretary, the secretary of housing and urban development. he's how he put it this morning. >> we also have to make sure we never go back to a system that takes trillions of dollars in housing wealth away from families that can crash the spire world economy. so -- the entire world economy. so a big focus is how do we build a safe, stable housing finance syste
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